IBM, in partnership with Chainyard, a blockchain firm, has invented a blockchain-based platform for the control of supply chain management. IBM made this announcement in its press report, which was shared with us on the 5th of August. The platform is named “Trust Your Supplier.”
made this announcement in its press report, which was shared with us on the 5th of August. The platform is named “Trust Your Supplier.”
It is not only IBM that was involved in this plausible move; the other bodies in the project were Anheuser Busch InBev, one of the founders of the American brewing company. Also, we have Cisco, Lenovo, GlaxoSmithKline, Vodafone, Nokia, and Schneider Electric.
The product was established to operate on the IBM network functionally. Its primary purpose is to remove the need for manual operation of supply chain management, which, of course, takes a lot of time. It will also help to detect, monitor, and prevent cases of fraud or errors.
According to the report we gathered from IBM, ‘Trust your Supplier,’ will also assign an online passport to every supplier, with which they (suppliers) will use to communicate with the relevant buyers in the network. Implementing the system means that users will no longer have to consume a lot of time in the process of validation, qualification, and management of new suppliers.
The Chief Officer, Lenovo Supply Chain department, Renee Ure, said:
“Blockchain has the potential to ultimately recreate how firms onboard control their future supply chain network. Through this platform (Trust Your Supplier), both buyers and sellers will observe the purchasing advantages of blockchain via a speedy, less complex, and affordable process.”
IBM Records a Consistent Increase in Blockchain Projects
Trust Your Supplier platform is one of the many blockchain-oriented projects invented by IBM.
In July, IBM multiplied the number of blockchain patent it operates in the US since 2018, making it over 100 patents currently controlled by the company.
It was also reported in July, that IBM partnered with Seagate, a US-based tech firm to initiate the pilot stage of the digital technology project aimed at detecting fake hard disk drive (HDD).
The implementation of the project will assist producers, suppliers, and other business associates to verify the legitimacy of HDD due to the IBM blockchain platform.